On january 1, 2017, lock corporation issued $1,800,000 face value, 5 , 10 year bonds at $1,667,510 this price resulted in an effective interest rate of 6 on the bonds the bonds pay annual interest january 1 instructions (round all computations to the nearest dollar ) (a) prepare the journal entry t...

Answera 1 Jan 2017 Payable AC Dr 132490 AC AC Answerb 31 Dec 2017 Bonds Interest expense AC Dr 100 ...

On january 1, 2017, lock corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,510. this price

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On january 1, 2017, lock corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,510. this price resulted in an effective-interest rate of 6% on the bonds. the bonds pay annual interest january 1. instructions (round all computations to the nearest dollar.)
(a) prepare the journal entry to record the issuance of the bonds on january 1, 2017.
(b) prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2017 and December 31, 2018 assuming the use of the straight-line method to amortize the discount/premium.
(c) prepare an amortization table for 10 interest periods for this bond issue using the effective interest method to amortize the discount/premium.
(d) prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2017.
(e) prepare the journal entry to record the payment of interest on January 1, 2018.
(f) prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2018.
(g) prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2019. please use the exel file problem 1